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SMSF Trustee Compliance Kit

SMSF Trustee Compliance KitThe DBA Lawyers’ Trustee Compliance Kit (‘TC Kit’) provides practical guidance for SMSF trustees on the procedural requirements of decision recording.

The TC Kit provides excellent guidance on how SMSF trustees should comply with their decision making and recording of trustee decisions under the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’). A failure to exercise these duties effectively can result in significant penalties. Following the guidance and applying the templates in the TC Kit assists in minimising risk.

Overview

The TC Kit includes comprehensive documents that comply with relevant law and best practice for trustee decision recording including:

  • Guidance and template documentation on how to record trustee resolutions and minute keeping.
  • These minutes relate to numerous changes that may occur to an SMSF including admitting a new member, retiring a member, and acquiring a new asset.
  • The format of different resolutions, such as circulating resolutions (where there is no need for a meeting), meeting minutes and sole director record of decisions, etc.
  • The TC Kit is also very handy for advisers who wish to draft resolutions on behalf of their SMSF clients.

What’s included

The following are included in the TC Kit:

  • detailed explanation of the mechanics of having an effective trustee meeting including how to make resolutions, appoint a chairperson, action items, agendas, etc.
  • 18 different sets of trustee resolutions to cater for a range of common situations faced by SMSF trustees.
  • Pro-forma templates for meeting minutes, circulating resolutions and sole director records of decisions.
  • How to document a lump sum payment when the fund only has individual trustees.

Related Kits

We also offer numerous other SMSF Kits to assist SMSF trustees and advisers including:

Related Articles

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Note: DBA Lawyers offers SMSF CPD training throughout the year. For more details or to register, visit www.dbanetwork.com.au or call 03 9092 9400.

For more information regarding how DBA Lawyers can assist in your SMSF practice, visit www.dbalawyers.com.au.

By Daniel Butler, Director ([email protected]), DBA Lawyers 

DBA LAWYERS

5 October 2020

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